LONDON (CNN) - Oil prices rose on Monday amid hopes oil-cartel OPEC would cut output by 1.5 million barrels per day at a meeting on Friday.
Venezuelan President Hugo Chavez said over the weekend: "The minister of energy and mines leaves tomorrow for Cairo, Egypt, for the extraordinary meeting of OPEC, which will surely decide on that 1.5 million bpd OPEC cut."
"Non-OPEC countries are almost ready to announce the cut which will help us improve the oil price," Chavez said.
Thus far, large non-OPEC producers, including Russia, Mexico and Norway, have pledged reductions of 462,000 bpd.
Global petroleum demand has tumbled since the September 11 attacks on the United States, helping push oil prices down by a third.
Brent crude for February delivery rose 27 cents to $19.63 a barrel on London's International Petroleum Exchange in mid-morning trading.
The Organisation of Petroleum Exporting Countries (OPEC) said during its last regular meeting in November it would reduce output by 1.5 million bpd from January 1 if non-OPEC producers cut production by 500,000 bpd.
Indonesia, Asia's only member of OPEC, also said on Monday it would back the expected cut in output.
Mines and Energy Minister Purnomo Yusgiantoro told Reuters: "OPEC has to take a decision to cut output. Such a decision will give good signs to the oil market."
OPEC's 11 members -- Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela -- produce between them about 40 percent of the world's oil and hold more than 77 percent of the world's proven oil reserves.
Russia said earlier in the month, following lobbying from OPEC, it would reduce exports by 150,000 barrels per day from January 1, 2002.
Last month, Russia disappointed OPEC when it offered a cut of just 50,000 barrels per day out of a production of more than seven million. Russia is the world's second biggest exporter after OPEC member Saudi Arabia.
Norway, the third largest exporter, has offered to cut 200,000 barrels per day and Mexico has said it will cut 100,000 barrels per day.
Dealers say the cut is the bare minimum OPEC will accept. The cartel is leading a drive to cut production in an effort to boost prices amid concerns a global economic slowdown and recession in key economies -- the United States, Japan and Germany -- would lead to a fall in demand.
At present, OPEC pumps at least 800,000 barrels above its daily target of 23.2 million barrels.
OPEC says it has already limited output by 3.5 million barrels a day this year, losing market share as a result, even as other producers failed to take similar action. 
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